BetFair Betting Exchange

Summary

Now for something completely different. Though it may appear the same as other sites, Betfair is not an online bookmaker but a betting exchange website, where essentially, you become the bookmaker.

In all honesty, Betfair probably won’t appeal to the novice gambler. Understandably it can appear confusing at first, as in some cases you bet for things not to happen. But if you do want to take the plunge then the website is very easy to use and packed full of content and endless information to help you grasp this way of betting. 

Their online casino works like any other and as well as being a popular betting site, Betfair.com also has plenty of other rich features such as their community discussion forums.

Still with us? Okay, let’s delve right in.

So what is a betting exchange?

Basically a betting exchange is a neutral meeting place where a user can bet against another user, and not against a traditional bookmaker.

All bets on BetFair have been placed there by users who either want to have a bet in the normal way (back), or offer odds to other users (lay).

Bets are matched between people with opposing views.

Back Vs. Lay

When you "back" a selection (be it an individual, a team, horse, dog or other), you are betting that it will win. This is just like betting with a conventional bookies.

When you "lay" it, you are betting against it winning. For example, if you're betting in a market on which team is going to win the Premiership and you lay Arsenal; you offer odds to other punters who wish to back Arsenal. If Arsenal doesn’t win, then you pick up the backer's stake. If Arsenal does win, then you pay out. This is what bookmakers traditionally do.

Choose Your Own Odds

With BetFair there is always a choice of what odds to accept. If you want better odds than are currently available, you can place an order for a better price, but be realistic because there has to be somebody prepared to lay the bet at those odds, and vice versa.

Take a look at the odds before a game and you will see them change as visitors back and lay their bets. The odds often improve nearer to the off, as there are more people in the market.

Why use a betting exchange?

• You can back or lay a bet.
• You can choose the odds you want to play at; odds on BetFair are on average up to 20% better than those offered by traditional bookmakers.
• You can bet while the game is in play; meaning you can trade in and out of positions as the game unfolds.

Introductory and Special Offers

Betfair are currently offering a free bet of £20 if you deposit and bet the minimum of £20. If you win, then you simply take your winnings and log off a happy punter. If that bet loses then you’ll get another chance to win as your original £20 stake will be refunded to your account for you to try your luck at something else.

Markets

As you would expect from the world’s biggest sports betting website the markets are pretty vast, too many to name here.

Transactions and Security

Despite the fact you are betting against people complete privacy is maintained and so are personal and financial details by Betfair's airtight security.

Mobile Betting and Apps

This purely digital betting agent is no mug when it comes to mobile betting either. Their range of apps for iPhone, Blackberry, Android and iPad are no less capable than the full website and in fact their slimmed down mobile version could even appeal to the novice betting exchange user.

Open a Betfair.com account today.